Management Accounts

Making the right decisions for your business is absolutely vital and can only be done if you have the correct information to hand. We specialise in making sure you have the correct financial information for your business whether this is on a quarterly, monthly or weekly basis.

Profit and Loss

The profit and loss report (or Income Statement) shows how the business has traded in a set period. Here you will find the companies turnover, gross profit and net profit. Depending on your needs, there maybe a breakdown of different accounts. For example, if you sell different types of products, these may be broken down or you may want to measure your advertising costs, which may be broken down in the overheads. These can all be setup depending on your company’s needs.

Balance Sheet

The balance sheet (or Statement of Financial Position) shows a summary of the company’s financial balances. Here you will find how much assets the company owns, how much liabilities the company have and how much equity is in the company. The balance sheet is extremely useful as it can be broken down to show how much cash was in the bank, how much your customers owed you and how much you owe your suppliers.

Aged Debtors and Creditors

These reports quite simply show you a list of who owes you money and who you owe money to. It may sound very basic, but all too many times I have heard the phrase “It’s all up here”. When doing the test of what’s in the business owners head compared to a report, in almost every occasion there was at least one customer the owner had forgotten that owed them money. These reports will make you stay on top of those customers and increase your cash flow.

Advanced Financial Analysis

In addition to the above reports, we can also customise reports specifically for your business, these range from Key Performance Indicators you maybe monitoring like number of customers and average spend to what the company’s cash position and liquidity is.

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